Benefits of a personal loan

A personal loan gives a person extra money and so it can help them to buy something large like a car or make home improvements.

A personal loan is a large amount of money that can be borrowed from a bank or building society which can be paid back over a period of time.

The interest rates on a personal loan may be quite competitive, as there are a number of lenders competing for business which can help the repayments be more affordable.

With a secured personal loan, a person may also have access to the money faster, often within 24 hours which is convenient if buying something like a car or making another big purchase.

Taking on a personal loan can create financial independence as the person becomes less reliant on family and is prepared to borrow from financial institutions. This shows maturity and that they are taking financial responsibility.

Below shows some examples of why a person may need a personal loan:

Check out the CCEA GCSE Learning for Life and Work Second Edition Textbook to find out more or check out: My Revision Notes: CCEA GCSE Learning for Life and Work: Second Edition

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